(Singapore, 1 March 2021)

Highlights for the Quarter

o Achieved Q4 2020 VLGC freight rates of USD 37,300 per calendar day, or USD
40,700 per available day with 97% commercial utilisation
o Generated Q4 2020 net profit after tax of USD 77 million or an earnings per
share of USD 0.55. For FY 2020, net profit after tax was USD 244 million or an
earnings per share of USD 1.76
o Declared Q4 2020 cash dividend of USD 0.34 per share bringing total dividends
declared for 2020 to USD 0.84 per share
o Achieved FY2020 return on equity of 20% with USD 331 million of free cash flow
o BW Gemini, BW Leo, BW Orion and BW Libra, the world's first VLGCs to be
retrofitted with pioneering LPG propulsion technology, were redelivered on
budget and with zero safety incidents. They offer the sector's lowest emissions
profile for long-haul voyages


Financial Performance

BW LPG Limited ("BW LPG", the "Company", OSE ticker code: "BWLPG.OL") reported a
Q4 2020 net profit after tax of USD 77 million and a FY 2020 net profit after
tax of USD 244 million, yielding a FY 2020 annualised return on equity of 20%
with USD 331 million of free cash flow.

Time Charter Equivalent (TCE) income amounted to USD 138 million in Q4 2020 and
USD 551 million in FY 2020. EBITDA was USD 107 million for the quarter and USD
414 million FY 2020, representing an EBITDA margin of approximately 78% and 75%
respectively. Earnings per share was USD 0.55 in Q4 2020 and USD 1.76 in FY
2020.

The Board has declared a Q4 2020 cash dividend of USD 0.34 per share amounting
to USD 47 million. With this dividend, BW LPG has paid USD 0.84 per share in FY
2020, representing about 50% of FY2020 earnings per share. The shares will be
traded ex-dividend on and from 4 March 2021. The dividend will be payable on or
about 16 March 2021 to shareholders on record as of 5 March 2021.


Market Outlook

Q3's strong "V-shape" recovery in VLGC freight rates continued in Q4, supported
by robust US LPG exports, widening LPG price arbitrage due to strong heating
demands from Asia, and long-waiting times for transits at the Panama Canal. At
its peak, rates jumped to over USD 100,000/day.

However, VLGC freight rates came down significantly in late January, and we
expect the market to be under pressure in Q2 2021. BW LPG has fixed
approximately 80% of Q1 2021 Spot and Time charter available days at an average
rate of USD 41,000 per day, on a discharge-to-discharge basis.

Despite the recent correction in VLGC freight rates, we continue to hold a
positive outlook for the medium term VLGC market. This is driven by continued
high shipping inefficiencies, resilient US LPG production, gradual recovery in
Middle East Production and strong underlying demand for LPG.


Q4 and FY 2020 Quarterly Report, 2020 Annual Report and 2020 Sustainability
Report

Please see attachments for the Q4 and FY 2020 financial reports, presentation,
2020 Annual Report and our inaugural 2020 Sustainability Report.

1. BW LPG Q4 2020 Financial Results Presentation
2. BW LPG Q4 2020 Condensed Consolidated Interim Financial Information
3. BW LPG 2020 Annual Report
4. BW LPG 2020 Sustainability Report

BW LPG will host an investor presentation of the financial results at 13:00hrs
CET today. The presentation will be made by Anders Onarheim (CEO), Elaine Ong
(CFO), Niels Rigault (EVP, Commercial) and Pontus Berg (EVP, Technical and
Operations).

The presentation will be available via audio webcast which can be accessed at
https://edge.media-server.com/mmc/p/9bwrcxqg. The webcast will be available on
BW LPG's website, www.bwlpg.com, as soon as possible after the presentation.


For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com


About BW LPG

BW LPG is the world's leading owner and operator of LPG vessels, owning and
operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over
3 million CBM. With five decades of operating experience in LPG shipping and
experienced seafarers and staff, BW LPG offers a flexible and reliable service
to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, a leading global maritime company involved
in shipping, floating infrastructure, deepwater oil & gas production, and new
sustainable technologies. BW Group controls a fleet of over 420 ships
transporting crude oil, oil products, and dry commodities, and comprises one of
the largest gas fleets in the world with over 190 LNG and LPG vessels.

This information is subject to disclosure requirements pursuant to Section 5-12
of the Norwegian Securities Trading Act.